FG AWARDS N50M EACH TO 45 STUDENTS UNDER VENTURE CAPITAL GRANT SCHEME
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By Aishat Momoh. O.
The Federal Government has awarded ₦50 million each to 45 outstanding students selected from 65 finalists under the Student Venture Capital Grant (S-VCG), a flagship initiative aimed at promoting innovation and entrepreneurship in Nigeria’s tertiary institutions.
The Minister of Education, Tunji Alausa, unveiled the programme on Sunday at the UNDP Innovation Hub, describing it as a bold step towards positioning Nigerian youth at the forefront of global innovation.
According to him, the initiative marks a significant shift in education policy by providing equity-free funding, mentorship, incubation support, and digital tools to student innovators. He noted that beneficiaries would transition from ideation to commercialisation, becoming job creators and contributing to sustainable economic growth.
“Today is not just another programme event. We are activating a new future for Nigerian students. Great ideas should not die in classrooms but be nurtured into impactful solutions,” Alausa said.
The minister disclosed that the programme attracted over 30,000 applications from more than 400 tertiary institutions nationwide, with beneficiaries emerging after a rigorous three-day boot camp and pitch sessions before industry experts.
He emphasised that the initiative is designed to transform universities from centres of certification into hubs of innovation, research commercialisation, and economic development.
Also speaking, the Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as a vital national strategy for job creation and economic growth. She noted that the programme signals a shift from theoretical learning to practical, real-world problem-solving.
Similarly, the Minister of Communications and Digital Economy, Bosun Tijani, commended the initiative, urging students to focus on building sustainable solutions and long-term value rather than short-term rewards.
The programme is supported by partners including the United Nations Development Programme (UNDP), Google, and the Bank of Industry, all of which are working to expand opportunities for young innovators.
In her goodwill message, the UNDP Resident Representative, Elsie Attafuah, reaffirmed the organisation’s commitment to supporting Nigeria’s innovation ecosystem. She urged beneficiaries to refine their ideas, engage the market, and scale impactful solutions.
The Federal Government said the initiative is a strategic intervention to harness the creativity and potential of Nigerian youth, positioning them as key drivers of national development through innovation, entrepreneurship, and skills development.
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